Fuel prices have soared to all time high

Fuel prices have soared to all time high

Petrol prices went on to touch the sky on Monday with Rs 76.57 per litre and diesel leaped to its highest ever level of Rs 67.82 as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers.

This is the eight straight day of price increase since oil PSUs on May 14 resumed daily price revision after a 19-day pre-Karnataka poll hiatus. In all, petrol price has been raised by Rs 1.94 a litre and diesel by 1.89 in last one week.

Petrol price on Sunday increased by 33 paisa a litre in Delhi – the highest since the daily price revision came into force in mid-June 2017, and diesel by 25 paisa, according to price notification issued by state-owned oil firms.
Rates vary from state to state depending on the incidence of local sales tax or VAT. Prices in Delhi are the cheapest in all metros and most state capitals.With this increase, petrol has touched an all-time high, breaching the previous high of Rs 76.06, touched in Delhi on September 14, 2013. Diesel rates are also at the all-time high level.

In India, petrol is the costliest in Mumbai where high local taxes have led a price of Rs 84.40 per litre. Petrol in Kolkata costs Rs 79.24 per litre while in Chennai, it is priced at Rs 79.47.

A litre of diesel costs Rs 72.21 in Mumbai, Rs 70.37 in Kolkata and Rs 71.59 in Chennai.

The BJP-led government had raised excise duty nine times — totalling Rs 11.77 per litre on petrol and Rs 13.47 on diesel — between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.